POOL RE CLASSIFIED AS GOVERNMENT BODY BY THE ONS

The Office for National Statistics (ONS) says Pool Re should be classified to the central government subsector. Following the completion of the ONS assessment, HM Treasury will now engage with Pool Re and its member insurers about its options. Julian Enoizi, Pool Re chief executive said: “We will be working closely with both HMT and our member insurers to ensure that the important functions of Pool Re – increasing the resilience of the UK economy and providing a safety net for the insurance industry allowing the return of risk to the commercial insurance markets in an orderly fashion – are not jeopardised in any way.” Recent innovation, such as the extension of terrorism cover for non-damage business interruption and cyber, would not have been possible without Pool Re’s independence, the reinsurer said. “This classification now presents an opportunity to stimulate further innovative thinking about the scheme’s future and we will use the derogation period to consider all possibilities,” he said.